Suze Orman Says These 3 Financial Tasks Have Big Payoffs

Financial self-management is key to ensuring your finances are on track. Budgeting, retirement planning and staying on top of what you spend your money on are all crucial financial tasks. But managing your finances can feel frustrating at times.

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The good news is that it doesn’t have to be this way. Three simple financial tasks are all it takes to make a positive financial difference .

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3 Ways To Improve Your Finances

Here are three financial tasks that can have big payoffs, per a recent post on the Suze Orman blog .

1. Cancel unused subscriptions : It seems like just about everyone pays for multiple subscription services these days: streaming services, digital news subscriptions and fitness memberships, to name a few. It can be easy to lose track of how many subscriptions you’re paying for monthly or annually, which means you may be paying for services you no longer use. Consider spending some time reviewing your credit card and bank statements to check for recurring subscription payments you’ve forgotten about. Canceling the subscriptions you don’t really need can provide more cash flow for other expenses.

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1. Review beneficiaries on your financial accounts : When you open a bank or investment account, you usually have the opportunity to name a beneficiary to whom the account will pass when you die. If you haven’t named a beneficiary, or your life circumstances have changed — and the person you intend to leave your assets to has changed, too — you must update your accounts to ensure your assets fall into the right hands. Be sure to periodically review and update your beneficiaries when necessary.
2. Rebalance your portfolio : Different investments grow at different rates. Over time, this uneven growth can throw your portfolio balance out of whack. Your investment goals might shift over time, too. As a general rule of thumb, you should review your investment accounts at least once per year to make sure that your current mix of cash, stocks, bonds, mutual funds, exchange-traded funds and other assets is aligned with your current needs and long-term investment goals. For example, it could be smart to invest in higher-risk assets when you’re young, but perhaps you’ll want to scale back and switch to more conservative investments as you near retirement.

This article originally appeared on GOBankingRates.com : Suze Orman Says These 3 Financial Tasks Have Big Payoffs